Dax: 2532.41 (-5.85)

German shares moved into positive territory in after-hours trading, with the upward movement dictated by the increasing strength of the dollar. But dealers said the market still lacks the necessary impetus to forge any strong gains. Volumes are thin and a correction is necessary to clear the air and woo investors back to the market. The IBIS Dax Index closed on 2537.61

CAC-40: 2116.35 (-5.75)

The French stock market shrugged off the anticipated cut in interest rates to end slightly lower as it consolidated recent gains. The market barely reacted to the Bank of France's move to cut its five-to-10 day ceiling rate by 0.60 of a point to 4.90 per cent while leaving its floor intervention rate unchanged. French hotel group Accor finished down 48 francs at 725 on investor disappointment with the proportion of exceptional gains making up the 1995 profit.

The Milan stock market was closed for the Liberation Day holiday.